How Vilnius hub enables Nordic insurers’ digital and business transformation

How Vilnius hub enables Nordic insurers’ digital and business transformation

At a time of disruption, increasing inflation and the risk of recession insurers are accelerating digital and business process transformation to meet customer and regulatory demands while cutting costs. According to a recent survey by ISG (State of the European Insurance Industry 2022 | ISG (isg-one.com), 74% of European insurers are considering increased outsourcing. Cognizant’s Delivery Center in Vilnius is helping insurers achieve operational efficiencies through business process outsourcing and transformation of their whole customer value chain – all in their preferred language.

Cognizant’s Delivery Center in Vilnius, Lithuania is, among other things, focusing on long-term insurance competency development and training of employees. The center’s primary focus within insurance is to improve and streamline core insurance operations, finance and accounting functions (F&A) and HR processes through intelligent process automation (IPA) and business process services.

The hubs’ 600+ employees master a broad technology stack and by combining strong insurance business insight and IT expertise with language skills, the center is well-positioned to help insurance clients and their customers in Norwegian, Swedish, Danish and English and already service 4 of the largest Nordic companies in the Insurance and Life & Pension market. Collaboration is key and language skills help to build trust and remove cultural barriers.

3 Nordic case examples

Here are some examples of how the Vilnius hub has enabled digital transformation for Nordic customers:

  • This Danish insurer has embarked on a transformation journey with facets on cost-savings, increased rate of self-service and digitization. To support these objectives, Cognizant helped to increase efficiency through business process outsourcing, RPA and assisted automation projects. As a result, turnaround time of the outsourced processes was increased by 15 percent, while cost-saving targets were achieved through the combination of a nearshore and offshore operating model.
  • This Norwegian company is a leading player in the Nordic market for long-term savings and insurance. The Vilnius center is an accelerator for its digital transformation and innovation. Among other things, the analytics team in Vilnius has created a carbon footprint calculation model, has generated a 40 percent cost reduction for the overall engagement level and generally acts as extended business analysts that test resources and implement customized solutions. The Vilnius/customer team has also developed a new toolset for actuaries that helps perform calculations for Solvency II reporting and analyzing risks/sensitivities up to 50 times faster compared to other available tools.
  • This Danish insurers’ objective was to improve operational efficiencies along with a reduction in operational costs. Teaming up with Cognizant in both Vilnius and India gave tangible results: 40–50 percent business case savings over five years leveraging a low-cost operating and sourcing model and 15+ percent savings in cost base through standardization and automation.

 

In recent years the Schrems II judgment has made an increasing number of insurers see the value in using an EU-based center with deep insurance business insights to support their business processes in line with GDPR regulations and Cognizant has helped multiple customers moving their operations from offshore to Vilnius and other EU locations.

If you’re curious to learn more, please visit Cognizant Lithuania web or Cognizant’s general insurance section.